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Dec 6, 2012
12/12
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FOXNEWS
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go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put on the table. >> dana: that is going to be on -- >> bob: that is what is going to be on the table. >> dana: republicans held their feet on the fire. >> bob: whatever it took. >> greg: i used to think howard dean was a proctologist because he had his head up his butt but he pulled the curtain back. it's never about raising taxes on the rich because you run out of rich. >> andrea: right. >> greg: that is the point. >> eric: raise tax on everyone who pays taxes or everyone? everyone means the poor and 47% will start paying. >> greg: if you raise taxes up 2%, eight days of government? >> andrea: the dirty
go over the fiscal cliff. take $1.2 trillion out of spending and tax hikes, stops the spending. mandatory spending cuts across the board. you know what? the only way to do it. only way to do it. everything else is chump change. >> dana: how do you deal with deficit reduction if you raise the taxes on a portion of the country that will pay for the government for 8.5 days? >> bob: you couple that with the social security adjustments and medicare. 'canes that is not what geithner put...
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Dec 5, 2012
12/12
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WBAL
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>> reporter: and brian, tonight, the white house is preparing in case the country does go over that fiscal cliff, budget officials have asked all federal agencies for information that they need in case of possible plans in case of those automatic spending cuts that could go in place in just 27 days. >> peter alexander at the white house for us tonight. thank you. >>> and up next, the loss today of a legend in american music. i put away money. i was 21, so i said, "hmm, i want to retire at 55." and before you know it, i'm 58 years old. time went by very fast. it goes by too, too fast. ♪ but i would do it again in a heartbeat. [ laughs ] ♪ ♪ i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function starting within five minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. with symbicort, today i'm breathing better. and that means...fish on! symbicort is for copd including chronic b
>> reporter: and brian, tonight, the white house is preparing in case the country does go over that fiscal cliff, budget officials have asked all federal agencies for information that they need in case of possible plans in case of those automatic spending cuts that could go in place in just 27 days. >> peter alexander at the white house for us tonight. thank you. >>> and up next, the loss today of a legend in american music. i put away money. i was 21, so i said, "hmm,...
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Dec 6, 2012
12/12
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FOXNEWSW
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>> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president obama. >> greta: well, it appears to many in the city that it's politico check mate for the president. if we go over the fiscal cliff, what it means is the taxes will go up on the wealthy, the big earners. it also goes up on the middle class. i assume the middle class will look to the rawp republicans foe fact that their taxes come up so political check mate. >> i'm not so sure. president obama could avoid that very simply by putting maybe two or three to one expenditure reductions on the table for revenue increases, something like sim responsibl simpson bow. he has a formula given to him by a commission he
>> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president...
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Dec 3, 2012
12/12
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CNBC
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i think the fiscal cliff we are spending a lot of time on and we will continue to see deleveraging of trades that have worked because of all of the tax implications. i don't think you can be sure this is the same santa claus rally that you want to blindly buy. last year was very painful to people who thought fundamentals would win out. you ran into deleveraging flows that were related to policy. if you don't think we are not going to have policy issues through the end of the year you are crazy. >> i think we all do the same, i believe that you can time the market and pick stocks. i know people believe that. it is interesting that today we talked about ranges in the s&p. i think we have done a good job. look at where we traded up to that 1425 that we have talked about being resistance number of times. i don't want to make a big deal out of this. today was an outside day from friday's range the low, lower than friday's low. it has been in a very defined range. i think we traded towards the upper end and i think we are heading twarts the 1375 and 1380 level again. you trade that range un
i think the fiscal cliff we are spending a lot of time on and we will continue to see deleveraging of trades that have worked because of all of the tax implications. i don't think you can be sure this is the same santa claus rally that you want to blindly buy. last year was very painful to people who thought fundamentals would win out. you ran into deleveraging flows that were related to policy. if you don't think we are not going to have policy issues through the end of the year you are crazy....
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Dec 1, 2012
12/12
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FOXNEWSW
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plupging off the fiscal cliff would be a buzz kill at the end of the year, wouldn't it? a 1-2 punch. not only higher taxes but spending cuts that could effect everybody from students to senior citizens. u.s. senate is hitting iran with new punishments for nuclear program. this time the white house says it's against the move. and a 70-year-old tennis referee charged with murdering her husband of half a century. police say blood splattered all over the house. she says she is innocent. wait until you hear what a judge just did. that's coming up as we approach the bottom of the hour and the top of the news on a friday fox report. the capital one cash rewards card gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone...but her likes 50% more cash. but i'm upping my game. do you want a candy cane? yes! do you want the puppy? yes! do you want a tricycle? yes! do you want 50 percent more cash? no! ♪ festive. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's t
plupging off the fiscal cliff would be a buzz kill at the end of the year, wouldn't it? a 1-2 punch. not only higher taxes but spending cuts that could effect everybody from students to senior citizens. u.s. senate is hitting iran with new punishments for nuclear program. this time the white house says it's against the move. and a 70-year-old tennis referee charged with murdering her husband of half a century. police say blood splattered all over the house. she says she is innocent. wait until...
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Dec 5, 2012
12/12
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FOXNEWSW
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by now you likely know that the fiscal cliff is a series of spending cuts and expiring tax credits set to take effect in 27 days. today the president made the case to a group of top business leaders. his plan calls for a higher tax rate on earned income exceeding $250,000 and republicans say that would be a job killer. though are pushing for raise revenue by closing tax loopholes and deductions, something that the president says would not raise enough cash. wendell is live with more on the white house. how much much revenue would the president's plan raise by raising the tax rates for high earners? >> about $1 trillion the next 10 years from the rate increase. that is just part of a package that also includes limits on deductions and tax credits and aims to pull in a total of $1.6 trillion. republicans want to keep tax rates the same b end deductions and loopholes but obama says that will not get the job done. >> it is not possible to raise the amount of revenue required for a balance the package if all you rely on is closing deductions and loopholes. let me amend that. it is possible
by now you likely know that the fiscal cliff is a series of spending cuts and expiring tax credits set to take effect in 27 days. today the president made the case to a group of top business leaders. his plan calls for a higher tax rate on earned income exceeding $250,000 and republicans say that would be a job killer. though are pushing for raise revenue by closing tax loopholes and deductions, something that the president says would not raise enough cash. wendell is live with more on the...
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Dec 1, 2012
12/12
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CNNW
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. >>> back here at home, issue number one is reaching a deal on that fiscal cliff. just 31 days left until we hit those $7 trillion in automatic spending cuts and tax increases, if negotiations break down. both sides of the aisle are going straight to the public in order to plead their case or tell us why the other side is to blame. this is president obama a in his weekly radio address. >> both parties say we should keep middle class taxes low. the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. but, it's unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the wealthiest americans. >> in the republican response, senator orrin hatch takes that hostage metaphor one step further and brings to mind a memorable movie scene. >> unfortunately, some on the other side of the aisle are
. >>> back here at home, issue number one is reaching a deal on that fiscal cliff. just 31 days left until we hit those $7 trillion in automatic spending cuts and tax increases, if negotiations break down. both sides of the aisle are going straight to the public in order to plead their case or tell us why the other side is to blame. this is president obama a in his weekly radio address. >> both parties say we should keep middle class taxes low. the senate has already passed a...
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Dec 2, 2012
12/12
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KPIX
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fiscal cliff of tax increases and sharp spending cuts is now exactly one month away. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. billions of dollars in new stimulus spending, and an unlimited, unchecked authority tow borrow from the chinese. maybe i missed it, but i don't recall him scwg for any of that during the presidential campaign. >> jarvis: parents and school boards across the country are debating whether to offer bonuses to teachers whose student do well on standardized tests. sharyl attkisson ch
fiscal cliff of tax increases and sharp spending cuts is now exactly one month away. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house...
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Dec 1, 2012
12/12
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KPIX
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no matter how close the country comes to plunging off the fiscal cliff, topped a visors say the president will not budge until republicans acknowledge they will keep tax rates where they are for middle income families and raise them on households earning more than $250,000 a year. >> in washington nothing's easy so there's going to be prolonged negotiations. and all of us are going to have so get out of our comfort zones to make that happen. g'm willing to do that. i'm hopeful that enough members of con willing to do that as well. we can solve these problems. but where the clock is really ticking right now is on middle- class taxes. >> reporter: but the clock isng. the cold political reality is this: mr. obama is now on record seeking twice as much in higher tax revenue than the democratically controlled senate passed earlier this year with only 51 votes. tax increases that cannot pass ase senate have no chance in the house republican conference, which is why republicans regard the president's proposal and his heech today as more static than substance. >> pelley: major, thank you. well, t
no matter how close the country comes to plunging off the fiscal cliff, topped a visors say the president will not budge until republicans acknowledge they will keep tax rates where they are for middle income families and raise them on households earning more than $250,000 a year. >> in washington nothing's easy so there's going to be prolonged negotiations. and all of us are going to have so get out of our comfort zones to make that happen. g'm willing to do that. i'm hopeful that enough...
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Dec 1, 2012
12/12
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. >> arthel: lawmakers now have exactly one month to strike a deal to avoid the fiscal cliff. tax hikes affecting nearly all americans and across the board spending cuts set to kick in at the end of the year. so far both republicans and democrats are digging in on their demands and neither is putting forth a plan. >> i'm willing to move forward in good faith. our original framework still stands. instead of raising tax rates, we can produce similar amount of revenue reforming the tax code to close loopholes and lower tax rates. that's far better for the economy. >> the clock is ticking. the year is ending. it's really important with tax legislation for it to happen now. we're calling upon the republican leadership in the house to bring this legislation to the floor next week. >> arthel: let's bring in steve centanni with more. >> as you can see, the two sides are taking strong stands on principle, but aren't really getting any closer to a compromise as we speed toward that fiscal cliff. the president hit the road appearing at a pennsylvania toy factory yesterday and appealing f
. >> arthel: lawmakers now have exactly one month to strike a deal to avoid the fiscal cliff. tax hikes affecting nearly all americans and across the board spending cuts set to kick in at the end of the year. so far both republicans and democrats are digging in on their demands and neither is putting forth a plan. >> i'm willing to move forward in good faith. our original framework still stands. instead of raising tax rates, we can produce similar amount of revenue reforming the tax...
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Dec 4, 2012
12/12
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FOXNEWSW
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cliff which is called the series of spending cuts and expiring tax breaks which would be an economic disaster. the sticking point is the call for higher taxes for families, higher taxes on amounts earned above $250,000. everyone gets the tax cut, the first $250,000 is not taxable only but that. the president says, look, i ran on this and i am going to do this. but he is signaling he could be flexible on how high they would go. ed henry is like. this has been out there for a few days. >>reporter: that right. the president had the governors in today and they underdiscover the fiscal cliff will not just impact the national economy but have a lot of impact on state and local economies, as well, and their state budgets, et cetera. the president, though, is standing firm. and jake carney saying unless the republicans give in on tax rates and raise the bush tax rates on the rich, there is no deal and the president is willing to go off the cliff. they hammered speaker boehner's proposal. >> we don't know who pays. we don't know what we are talking about in terms actual legislation to increas
cliff which is called the series of spending cuts and expiring tax breaks which would be an economic disaster. the sticking point is the call for higher taxes for families, higher taxes on amounts earned above $250,000. everyone gets the tax cut, the first $250,000 is not taxable only but that. the president says, look, i ran on this and i am going to do this. but he is signaling he could be flexible on how high they would go. ed henry is like. this has been out there for a few days....
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Dec 4, 2012
12/12
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MSNBCW
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cliff counter offer on tax reforms and spending cuts. the gop plan consists of $2.2 trillion in saving officials a decade including raging the age for medicare from 65 to 67 and lowering the cost of living increases for social security benefits. they also propose overhauling the tax code to generate $800 billion in new revenue but without raising taxes on the wealthy. frn in a letter to the president, republicans attempted to sell the offer as the erskine bowles plan, comparing it to the same offer he drew up last year. >> i think he'd disagree. >> the co-chair of obama's deficit commission, but yesterday mr. bowles flatly rejected that connection. meanwhile, the white house is turning to campaign style messaging as a reminder of whose tax plan was chosen in the court of public opinion on election day. >> under my plan, first of all, 98% of folks who make less than 250,000, you wouldn't see your income taxes go up a single dime. all right? because you're the ones who need relief. but we're not going to be able to get it done unless we al
cliff counter offer on tax reforms and spending cuts. the gop plan consists of $2.2 trillion in saving officials a decade including raging the age for medicare from 65 to 67 and lowering the cost of living increases for social security benefits. they also propose overhauling the tax code to generate $800 billion in new revenue but without raising taxes on the wealthy. frn in a letter to the president, republicans attempted to sell the offer as the erskine bowles plan, comparing it to the same...
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Dec 7, 2012
12/12
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KPIX
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. >>> they are looking for a plan to a void the fiscal cliff. congressmen were on capitol hill talking about a negative impact in the spending cuts kick in january 1st. president obama failed a visit to a northern virginia family -- had a visit to a northern virginia family that that would affect if that happened. >> gives you a sense o of the costs involved in very personal terms. >> still the white house says those across the board spending cuts and tax hikes will take effect if republicans fuse to raise taxes on the wealthiest americans. >>> one of the tea party movements favorite lawmakers is is leaving the senate. south carolina republican jim demint announced yesterday that he's cutting his term short to join the heritage foundation. he said he would not run for a third term in 2016. >>> we're going to get the november jobs report from the labor department. they expect the unemployment rate to hold steady at 7.9% but they think job creation was down substantially from october because of superstorm sandy. >>> apple fans, did you know all yo
. >>> they are looking for a plan to a void the fiscal cliff. congressmen were on capitol hill talking about a negative impact in the spending cuts kick in january 1st. president obama failed a visit to a northern virginia family -- had a visit to a northern virginia family that that would affect if that happened. >> gives you a sense o of the costs involved in very personal terms. >> still the white house says those across the board spending cuts and tax hikes will take...
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Dec 5, 2012
12/12
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CNBC
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period well before the fiscal cliff concerns became center stage. i think those economic detier a's, components probably lead to reduced employment, and reduced consumers spending starting in the first quarter. this is an economic deterioration, probably amplified by the policy concerns, but nonetheless that has occurred, and is forcing our earnings numbers lower. we're now at 10 as a good example. >> you've managed to make adam parker look like a bull. you're looking for 1390 in the s&p for next year. he had 1167, but he's looking to 1434. >> so far, i think there are a number of folks that have yet to come out, but unfortunately we have to live with that status for a while. quite frankly investors are not being paid a ton. we start to rebound -- we'll have to get more optimistic. >>> good to talk with you as always. >> thanks for having me. >> see you soon. >>> what's going on with this rally? up 125 on the dow. so the kind of stocks that are moving today? >> i think it's really important to keep in mind so much of this year, when they write the t
period well before the fiscal cliff concerns became center stage. i think those economic detier a's, components probably lead to reduced employment, and reduced consumers spending starting in the first quarter. this is an economic deterioration, probably amplified by the policy concerns, but nonetheless that has occurred, and is forcing our earnings numbers lower. we're now at 10 as a good example. >> you've managed to make adam parker look like a bull. you're looking for 1390 in the...
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Nov 30, 2012
11/12
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KCSMMHZ
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investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing it cautious. in germany, the blue-chip dax broke a bit of a winning streak, only gaining fractionally. euro stoxx 50 was down on the day. in new york, trading is still under way. it is also not really doing a whole lot today. as for the euro against the dollar, it is above that key $1.30 level, trading for $ 1.3002. unemployment in the eurozone climbed to yet another record in october. and 11.7% of the working age population, about 19 million people, are without a job. in spain, that means one in every four people are out looking for work and a dependent on state aid. >> but it is not all bad news. ireland has managed to turn its major recession around and is now posting gains thanks to a lifeline from the e you. >> two years ago, ireland receive more than 67 billion euros from the eu bailout fund, and the money appears to have helped. the government was able t
investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing it cautious. in germany, the blue-chip dax broke a bit of a winning streak, only gaining fractionally. euro stoxx 50 was down on the day. in new york, trading is still under way. it is also not really doing a whole lot today. as for the euro against the dollar, it is above that key $1.30 level, trading for $ 1.3002....
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Dec 1, 2012
12/12
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FOXNEWSW
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washington, the potential fiscal cliff is expected to bring tax hikes and spending cuts it all americans, and what is really at stake when it comes to your home? and we're going to take a look at what could happen if lawmakers and the white house don't reach an agreement very soon. >> kelly: indeed, we will. plus, a man counting his blessings after coming face-to-face with a shark. . >> you know, you've got to look at this at like the emt told me on the way here, you could have had this or struck by lightning and the odds are about the same. [ male announcer ] alka-seltzer plus presents the cold truth. i have a cold, and i took nyquil, but i'm still "stubbed" up. [ male announcer ] truth is, nyquil doesn't unstuff your nose. what? [ male announcer ] it doesn't have a decongestant. no way. [ male announcer ] sorry. alka-seltzer plus fights your worst cold symptoms plus has a fast acting decongestant to relieve your stuffy nose. [ sighs ] thanks! [ malennouncer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ]
washington, the potential fiscal cliff is expected to bring tax hikes and spending cuts it all americans, and what is really at stake when it comes to your home? and we're going to take a look at what could happen if lawmakers and the white house don't reach an agreement very soon. >> kelly: indeed, we will. plus, a man counting his blessings after coming face-to-face with a shark. . >> you know, you've got to look at this at like the emt told me on the way here, you could have had...
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where pay the bills and don't spend a lot that you don't have. going to. going to bed going to money as a model when the woman lives whether or not americans are worried about the fiscal cliff the bottom line is the media is milking the crap out of the phrase while realistically nothing drastic is probably going to happen. first law enforcement officials wanted for the ability to listen in on your private phone conversations then they wanted access to your e-mail and internet activities now they're asking for access to your text messages the major cities police chiefs association which represents sixty three large police forces in the country those are the largest ones have submitted a proposal to congress that requires wireless providers to record and store information about americans private text messages for at least two years that is to say they want every text message from every user stored for at least two years now i don't know about you but i text a lot so imagine a stockpile of text messages that wireless providers would be forced to store that's
where pay the bills and don't spend a lot that you don't have. going to. going to bed going to money as a model when the woman lives whether or not americans are worried about the fiscal cliff the bottom line is the media is milking the crap out of the phrase while realistically nothing drastic is probably going to happen. first law enforcement officials wanted for the ability to listen in on your private phone conversations then they wanted access to your e-mail and internet activities now...
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Dec 7, 2012
12/12
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CNNW
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america goes off the fiscal cliff in 25 days triggering massive tax hikes and spending c cuts. >>> no sign of president obama, the first lady, sash has or malia, this year it's all about bo. the card was designed by iowa artist and dog lover lorissa cable. >>> a holiday surprise for some walmart shoppers in south florida. secret santas paid off their layaway bills. >> my layaway is paid? >> yep. the rest of your balance is paid off. >> are you serious? >> yes, very serious. you no longer own a balance. >> tell santa thank you very much! >> an athletic club pitched in $500 which helped six families. several layaway shoppers say they wish they could meet their secret santas to give them a hug and kiss and say thank you. >>> time for your early reads. your local news making national headlines. we begin with tacoma's news tribune which says day one of legalized marijuana was pretty chill. there were no run on doritos, increased in car wrecks, no crazy displays of joy. >>> to florida, the sun sentinel newspaper, florida wildlife officials announcing the 2013 python challenge. it's a huntin
america goes off the fiscal cliff in 25 days triggering massive tax hikes and spending c cuts. >>> no sign of president obama, the first lady, sash has or malia, this year it's all about bo. the card was designed by iowa artist and dog lover lorissa cable. >>> a holiday surprise for some walmart shoppers in south florida. secret santas paid off their layaway bills. >> my layaway is paid? >> yep. the rest of your balance is paid off. >> are you serious?...
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Nov 30, 2012
11/12
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FOXNEWSW
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eye 145
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. >> now the fight over fiscal cliff, president obama stumping campaign style to prevent fast approaching spending cuts and expiring tax breaks and a potential economic disaster a month ago and toured a toy factory in pennsylvania, the company behind lincoln logs. the white house says the trip highlights the response extending the bush era tax cuts for everyone but now for any amount of money you make over $250,000. so everyone get as tax break but not anything over $250,000. that is the company's core customers and flames republicans for holding up the progress. republicans point the finger at the president. >> it is not acceptable to me or to you, i don't think, for a handful of the republicans in congress to hold middle-class tax cuts hostage. >> the white house took three weeks to respond with any kind of a proposal. to my disappointment, it wasn't a serious one. >>shepard: speaker boehner referred to meetings with the treasury secretary geithner. republicans called plan he layed out a step backwards, so much that top senate republican were mcconnell burst into laugh laughing western
. >> now the fight over fiscal cliff, president obama stumping campaign style to prevent fast approaching spending cuts and expiring tax breaks and a potential economic disaster a month ago and toured a toy factory in pennsylvania, the company behind lincoln logs. the white house says the trip highlights the response extending the bush era tax cuts for everyone but now for any amount of money you make over $250,000. so everyone get as tax break but not anything over $250,000. that is the...
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Nov 29, 2012
11/12
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FBC
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they want to avoid the fiscal cliff, balanced approach, they want us to do it right now. >> right now secretary geithner should be wrapping up a meeting with the senate republican leader mitch mcconnell. maybe they will have a press conference. meeting with house democratic leader nancy pelosi at the top of the hour. dennis: i am sure the sox will gyrate wildly in response. thank you very much. cherly the u.s. embassy in cairo ordered close as protest continues over a recent decree by president mohamed morsi granting himself near absolute power in that country. managing director joins me now. obviously the impact now of the market here in the oil market in particular is what is each of the false into civil war. what happens to oil them. >> you have to look at the suez canal, therefore the price of oil. they do have a history of the army stepping in to maintain this. order in a situation like "the trade" time, what we have now is a different type of egypt. we had a guest on yesterday telling us the muslim brotherhood and hamas are the same thing. a terrorist organization in the minds o
they want to avoid the fiscal cliff, balanced approach, they want us to do it right now. >> right now secretary geithner should be wrapping up a meeting with the senate republican leader mitch mcconnell. maybe they will have a press conference. meeting with house democratic leader nancy pelosi at the top of the hour. dennis: i am sure the sox will gyrate wildly in response. thank you very much. cherly the u.s. embassy in cairo ordered close as protest continues over a recent decree by...
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Dec 1, 2012
12/12
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CNNW
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cliff. a huge package of tax hikes and spending cuts will kick in january one. they spent time blaming each other for not getting serious. in his weekly address, president obama says he is ready to make a deal but wouldn't accept continued tax cuts for the wealthiest people. >>> the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. and if we can just get a few house republicans on board, i'll sign this bill as soon as congress sends it my way. but, it is unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us
cliff. a huge package of tax hikes and spending cuts will kick in january one. they spent time blaming each other for not getting serious. in his weekly address, president obama says he is ready to make a deal but wouldn't accept continued tax cuts for the wealthiest people. >>> the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. and if we can just get a few house republicans on board,...
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but that's just one part of the fiscal cliff debate. the other side of this, the massive spending cuts that have now educators ringing the alarm. they warn of increased class sizes, the elimination of after-school and summer school programs, libraries could close, all this as the u.s. tries to close an achievement gap. joining me now to continue our education nation conversation, world-renowned educator dr. steve perry, also host of tv one's "save my son." steve, it's great to have you here. the secretary of education, arne duncan, has said that 9 million students would be affected by the cuts including nearly 2 million that are already living in this country in poverty. when we talk about special education needs for the kids of our country, we're essentially about to take away resources from the students that need it most. however, we're not talking enough about that. >> one of the reasons why there's even a conversation about cuts is not so much because there's less money coming in, it's because of so much money going out. where we sp
but that's just one part of the fiscal cliff debate. the other side of this, the massive spending cuts that have now educators ringing the alarm. they warn of increased class sizes, the elimination of after-school and summer school programs, libraries could close, all this as the u.s. tries to close an achievement gap. joining me now to continue our education nation conversation, world-renowned educator dr. steve perry, also host of tv one's "save my son." steve, it's great to have...
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the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's the market betting on right now? >> well, i won't even make that presumption because we don't focus on what the event is. we focus on how the market is going to react. the vix has increased a little over the last week or so, but it's still at a historically low level. i think i'm very encouraged by the price action we've seen where we made this bottom and followed through last week, which is key, and we're holding strong this week. i i think the key for the market is to follow the dollar. we're below 80. that can really add another boost to the markets over the longer term. that's positive for corporations to get some more growth out of this overall s
the entire scenario playing out is the fiscal cliff ends up being bullish no matter what. spending cuts makes bonds rise, yields fall and making stocks paradoxically even more attractive. they become the new bonds. >> alan, can you tell from option activity which way the markets are betting right now, presuming that not going over the fiscal cliff would be positive for stocks and going over the cliff would be negative? what's the market betting on right now? >> well, i won't even...
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jon: talk about government spending, we've got that fiscal cliff coming up january 1. might this conversation somehow be used to make some progress on that? >> reporter: it could because of the fact the other person on mitt romney's schedule today is congressman paul ryan, the house budget chairman. of course was his running mate back during the campaign. paul ryan has a key role in these budget talks of course as well. where they stand, a short time ago vice president biden went to a local costco here in washington, d.c., proclaimed himself optimistic they would get a deal. the fact of the matter yesterday, erskine bowles, a key player as well, saying he is slightly pessimistic. he says there is 2/3 chance they will go off the fiscal cliff. that is not what the markets want to hear, jon. jon: not at all. ed henry at the white house. if jay carney relents and let you into the meeting give us a shot. we'll be on air. >> reporter: i will give you a copy of the menu. jon: please do, thanks. jenna: we'll forget about politicians just for a moment. i promise we'll return th
jon: talk about government spending, we've got that fiscal cliff coming up january 1. might this conversation somehow be used to make some progress on that? >> reporter: it could because of the fact the other person on mitt romney's schedule today is congressman paul ryan, the house budget chairman. of course was his running mate back during the campaign. paul ryan has a key role in these budget talks of course as well. where they stand, a short time ago vice president biden went to a...
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and the president act so-called fiscal cliff. on the senate floor today, top senate democrat, here he was, harry reid, said the republican counteroffer unveiled yesterday is a serious proposal. reid called the offer a nonstarter. his word. but a serious proposal nonetheless. in an interview just today with bloomberg tv, president obama did not reject the gop offer outright. officials have called it a step backward, not worthy of a counteroffer. but, you know, bottom line here, you have two sides they appear to be pretty far apart with no new negotiations happening at least not to our knowledge. so, with me now from capitol hill is representative peter wel welch. democrat from vermont. good to see you. thanks for coming on. >> thank you. >> so let me just pose this one to you. you just heard harry reid, would you agree with harry reid the plan offered yesterday by that house speaker is, quote unquote, a serious plan? >> well, you know, i don't know the details of it. it is $800 billion supposedly in revenues and it is a lot of med
and the president act so-called fiscal cliff. on the senate floor today, top senate democrat, here he was, harry reid, said the republican counteroffer unveiled yesterday is a serious proposal. reid called the offer a nonstarter. his word. but a serious proposal nonetheless. in an interview just today with bloomberg tv, president obama did not reject the gop offer outright. officials have called it a step backward, not worthy of a counteroffer. but, you know, bottom line here, you have two...
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. >> reporter: telling agencies to watch for massive spending cuts from going over the fiscal cliff and warped the business exectives the economy could take another hit if the republicans decide to extend the middle class tax cut to avoid the cliff for now. then come back with more leverage. to tie it to a hike in the debt ceiling. >> we are 23409 going play that game next year. if congress in any way suggests that they are going to tie negotiations to debt ceiling votes, take us to brink of default again, i will not play that game. >> republicans held their own meeting with small business owners denying they're trying to punt. >> i'll be here and available at any moment to sit down with the president to get serious abouting the problem. >> they noted the president has not scheduled any meetings with the g.o.p. leaders in weeks. not offered any counterproposal to boehner's plan from last week. >> a balanced approach the president has been asking for. now we need response from the white house. >> reporter: they continue to insist the impediment to the deal is boehner's tax revenue is not
. >> reporter: telling agencies to watch for massive spending cuts from going over the fiscal cliff and warped the business exectives the economy could take another hit if the republicans decide to extend the middle class tax cut to avoid the cliff for now. then come back with more leverage. to tie it to a hike in the debt ceiling. >> we are 23409 going play that game next year. if congress in any way suggests that they are going to tie negotiations to debt ceiling votes, take us to...
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cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly making that case. it is now up to conservatives to do that. demint will be leading charge. jon: he is the hero of the tea party which did so much damage to liberals in the 2010 election. >> done so much damage to themselves. harry reid would all agree would not be in the senate if not for the tea party nominating sharron angle, not not a strong candidate. delaware, todd aiken in missouri. tea party done a lot of damage to republican party. you would probably have senate republican leader mitch mcconnell if not for the tea party. to monica's point, jim demint will create problems from somebody like joh
cliff, they seem to be willing to go down that road of big government, big spending, no spending restraints, higher taxes. that is not what the republican party has ever been about. now enough republicans have gone down that road where we're in this mess now but what demint is saying look as conservatives we have to start talking about and fighting for first principles. that is the constitution, limited government, fiscal responsibility economic freedom. republican establishment is not clearly...
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the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very different era. do you agree with eric's take? is the right strategy for republicans to stick to their guns, forget about compromise? >> no. i really don't -- eric is one of my favorite people. we talk a lot. but i think that, and i did work for the speaker gingrich during the shut-down fight in '96, and it did not work out well for republicans. the president has a much bigger bully pulpit than the speaker does. newt gingrich's bully pulpit was pretty big back in those days but at some point, republicans in the house -- and i think boehner is trying to look for ways to do this, speaker boehner,
the republicans and democrats alike designed the fiscal cliff. it's a series of bipartisan compromises and i think it's kind of foolish to think that this group of congressmen and senators is going to come up with a way out of something they themselves designed. >> rich, you worked for a republican speaker who went up against a democratic president over the spending issues. back then the face-off didn't turn out all that well for your party. obviously very different era. do you agree with...
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going over the fiscal cliff is serious business. i am here seriously trying to reresolve it. >>reporter: a lot of people wonder if speaker boehner is trying to show he is fighting against some of the tax changes and he will come along to a deal. vice president biden went to a costco in washington, today, proclaimed himself optimistic there will be a deal and bought a big screen tv and and an apple pie. >>shepard: you mention speaker boehner and the fact is there is a group if his party, the conservative part that doesn't want him to act like he is moving and that is who he is talking to today? >>reporter: they want him to dig in. they want him to completely resist essentially going back to the old clinton administration tax rates of 39.6 percent on the top level. the bottom line when you ask about whether there is any progress there are signs of progress from the white house briefing and carney today said the president said in this phone call to speaker boehner, any deal has to have the rates going up but in the end, carney said it doesn't necessarily, he didn't say this dire
going over the fiscal cliff is serious business. i am here seriously trying to reresolve it. >>reporter: a lot of people wonder if speaker boehner is trying to show he is fighting against some of the tax changes and he will come along to a deal. vice president biden went to a costco in washington, today, proclaimed himself optimistic there will be a deal and bought a big screen tv and and an apple pie. >>shepard: you mention speaker boehner and the fact is there is a group if his...
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cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both sides say it's time to get serious. governors from six states are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter:
cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out...
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as we look at that fiscal cliff, what does that really do? it says government is going to spend less money, less money means less job training, less ways to get the unemployed back to work. that really says that we're probably going to be stuck with an unemployment problem for a long time. >> so avoiding a fiscal cliff doesn't necessarily mean getting people back to work? >> no, look, the economy is only growing by less than 2%. and when you got sub 2% growth, we're not going to be creating hundreds of thousands of jobs a month. that's what we need to see to see that unemployment rate come down and get us out of this hole. >> jill schlessinger from cbs money watch.com, thank you for joining us. appreciate it. >>> this week the air force is conducting a big sweep of work spaces. what are they looking for? well, they're looking for pictures of scantily clad women. yes. we'll explain. >>> and basketball legend kareem abdul-jabbar, the nba's all time leading scorer, joins me to talk about his own battle against a rare form of blood cancer. annou]
as we look at that fiscal cliff, what does that really do? it says government is going to spend less money, less money means less job training, less ways to get the unemployed back to work. that really says that we're probably going to be stuck with an unemployment problem for a long time. >> so avoiding a fiscal cliff doesn't necessarily mean getting people back to work? >> no, look, the economy is only growing by less than 2%. and when you got sub 2% growth, we're not going to be...
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but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sal
but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if...
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the reason we find ourselves about to go off the fiscal cliff with the automatic spending cuts, in part is because back in 2011, they wanted to raise the debt ceiling and the republicans said you cannot do it unless we do spending cuts. we cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that? >> because the president thinks he has a mandate from the whole country. he thinks he can get anything he wants. i am sure that alan colmes loves this idea. here are the problems. the congress has the authority to authorize the debt. they also have the authority to authorize the bill that pays the debt. so now the president wants to take that away. this guy has shown a tendency to say that i don't need congress. i can pass laws with a stroke of a pen on executive orders. he doesn't need the supreme court because he declares laws unconstitutional, like doma. he says he wants an unlimited credit car
the reason we find ourselves about to go off the fiscal cliff with the automatic spending cuts, in part is because back in 2011, they wanted to raise the debt ceiling and the republicans said you cannot do it unless we do spending cuts. we cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that?...
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will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is angling to be appointed to the senate banking committee. i hope that happens. the consumer crusader is just what the committee needs. she was president obama's pick to run the newly created consumer finance protection bureau, which she designed, but republican senators on capitol hill refused to even consider confirming her. instead, they did their best to drive her out of town. >> so it has gone beyond your advice to treasury, you're also providing advice to other governmental agencies? >> congressman -- >> i understand, you can use the word congressman a number of times, miss warren, i'm simply asking a v
will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is...
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he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to take action on taxes. >> when the american people speak loudly enough, lo and behold congress listens. >> reporter: tomorrow he'll host a campaign style event where he calls on lawmakers to extend the tax rates on families making less than $250,000 a year. once that's done they can work on other details such as spending cuts and changes to the tax code, medicare and medicaid. >> he's out there campaigning for his position. i get it. we understand it. at the end of the day he has to lead on this issue. >> reporter: some republican lawmakers have said they are willing to compromise on the tax issue. oklahoma representative tom cole said the gop should sign o
he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to take action on taxes. >> when the american people speak loudly enough, lo...
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i'm certain if this is not good enough for the white house, we will go over the fiscal cliff. >> this is a compromise on taxes. this is a compromise on mandatory spending. and it's a compromise on discretionary spending over what the select committee had debated. >> i should mention that erskine bowles has put out a statement himself. while i'm flattered the speaker would call something the bowles plan. the outline in the letter the speaker sent to the president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, si
i'm certain if this is not good enough for the white house, we will go over the fiscal cliff. >> this is a compromise on taxes. this is a compromise on mandatory spending. and it's a compromise on discretionary spending over what the select committee had debated. >> i should mention that erskine bowles has put out a statement himself. while i'm flattered the speaker would call something the bowles plan. the outline in the letter the speaker sent to the president does not represent...
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. >>> and the white house is in fact ready to go straight over the fiscal cliff. if you're really going to be serious about deficit reduction, it can't just be about taxes. it has to be about spending cuts, too. >> prince william and wife catherine is out of the hospital after being admitted for acute morning sickness. >> told the hospital stay would last at few days and that's exactly what it turned out to be. >>> software executive john mcafee no longer a fugitive. arrest arrested after his neighbor was murdered. >> police didn't know where he was. >> now that marijuana is legal here in washington the state will going to start cleshgting taxes on it. >> gangnam style. >> there is no one in political life funnier than alan simpson. >> mayor michael bloomberg announced new york will hold a contest to redesign the city's pay phones. now, a brand new -- >> "eye-opener" at 8:00 is brought to you by the aarp. >>> i'm charlie rose with gayle king and norah o'donnell. this morning prince william's wife catherine is back home in london after three days in the hospital. >
. >>> and the white house is in fact ready to go straight over the fiscal cliff. if you're really going to be serious about deficit reduction, it can't just be about taxes. it has to be about spending cuts, too. >> prince william and wife catherine is out of the hospital after being admitted for acute morning sickness. >> told the hospital stay would last at few days and that's exactly what it turned out to be. >>> software executive john mcafee no longer a...
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going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> now, the white house thinks republicans have overdone the outrage today. they say the real problem republicans have is they don't want to raise taxes on the rich. so basically we are still deadlocked tonight, shep. >> shepard: vice president biden did his part for the economy today. he went shopping? >> yeah a new cosco here in washington, d.c. opened up today. big crowd in the parking lot. vice president's motorcade showed up. he actually bought a big screen tv as well as a apple pie. what could be more american than that. he went on to is a say he is feeling good and optimistic about a deal. take a listen. >> i am. i am. all these folks in this store, man, going to make a difference. >> more important than shopping trip will be what actually happens between the president and speaker boehner. we're told they had a phone call last night. initial report suggested it was tense. white house saying they made some progress. we
going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> now, the white house thinks republicans have overdone the outrage today. they say the real problem republicans have is they don't want to raise taxes on the rich. so basically we are still deadlocked tonight, shep. >> shepard: vice president biden did his part for the economy today. he went shopping? >> yeah a new cosco...
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it's because the company blamed the fiscal cliff for its dramatically lower fiscal fourth quarter guidance which has sent the stock plummeting. it was down as much as 20% earlier today. the ceo joe kennedy says advertisers are being particularly cautious about spending in january which is included in pandora's fiscal fourth quarter. >> we did reduce guidance. i think it is very prudent because of this unique situation we have in which we're sensitive to the mix of ad spend in january as opposed to february and march. >> now, the last time pandora's stock dropped this much in one day was back in october on reports of apple preparing to launch a streaming music service. wall street analysts are keeping an eye on those very tough competitive issues as well as the fact that pandora spends over half its revenue on music licensing fees. the c.o.o. says he thinks the company is on good track and points to its mobile growth. though, investors do seem skeptical. brian. >> julia, thank you very much for that. we're going to leave it there. running a little short on time. is pandora's plunge a big bu
it's because the company blamed the fiscal cliff for its dramatically lower fiscal fourth quarter guidance which has sent the stock plummeting. it was down as much as 20% earlier today. the ceo joe kennedy says advertisers are being particularly cautious about spending in january which is included in pandora's fiscal fourth quarter. >> we did reduce guidance. i think it is very prudent because of this unique situation we have in which we're sensitive to the mix of ad spend in january as...
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this fiscal cliff negotiation seems doomed. am i being pessimistic? >> we're basically spending like europeans, but being taxed like americans. at some point you got to decide which you want. basically american government spending now is getting close to norwegian levels. and at that point, you can't have american tax levels. >> brian: what is their level? >> they spend 46% of gdp and people pay that. that's reflected in their taxes. america is basically borrowing $188 million every hour in washington. seven days a week, 24 hours a day, thanksgiving, ramadan, whatever. that gap cannot be closed by sticking to to the rich. >> brian: don't you think the president realizes that or do you think he fully realizes that in. >> oh, yeah, he does. this is the cunning thing. he's going to blame it on the rich, blame it on the republicans. but right now if you're just an average working guy with an average income, your taxes are going to go up because for him -- pour for the president, it's not about the economy. it's about government. it's about the size of gov
this fiscal cliff negotiation seems doomed. am i being pessimistic? >> we're basically spending like europeans, but being taxed like americans. at some point you got to decide which you want. basically american government spending now is getting close to norwegian levels. and at that point, you can't have american tax levels. >> brian: what is their level? >> they spend 46% of gdp and people pay that. that's reflected in their taxes. america is basically borrowing $188 million...
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cliff. >> first, the fiscal cliff, relative to our nation's spending driven debt crisis is a pothole. you've got 0.3% of all americans that have million dollar incomes. this is a shell game. you can't tax your way out of this problem. i mean, you have revenues that are about the same levels they were five or six years ago, when deficits were running $100, $150 billion. now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is on the tax revenues. you can tax every millionaire 100% and run the government for two or three months. this is a spending driven crisis and it has to be solved on the spending side. until the president gets serious about it, i'm not sure what there is to talk about, soledad. >> i'm not sure that the only conversations have just been on the tax side. i actually think there have been conversations on both. at this moment, right, we're going over or toward the fiscal cliff. if you do nothing, all of our taxes are going up. why not, as a first move, say, listen, nobody at this point wants to raise taxes
cliff. >> first, the fiscal cliff, relative to our nation's spending driven debt crisis is a pothole. you've got 0.3% of all americans that have million dollar incomes. this is a shell game. you can't tax your way out of this problem. i mean, you have revenues that are about the same levels they were five or six years ago, when deficits were running $100, $150 billion. now we know deficits are running $1 to $1.5 trillion. what's changed is on the spending side yet all this discussion is...
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with that they propose is a counter over for the fiscal cliff. the republican plan has will00 billion for tax freerm 900 billion in mandatory spending cuts and 300 billion in discretionary cuts. the proposal falls short of what the president wants and cannot be taken seriously. >>> we understand they don't agree with everything the president has put on the table but we haven't seen alternatives for that. they have spoken about an avenue and that challenge is welcome. republican leaders have been adamant they don't believe rates ought to go up on the top 2 percent of wealthiest americans. the american people overwhelmingly disagree. the rates have to rise and republicans need to acknowledge that. >> the major difference between the two sides is over taxing on the rich. obama wants to raise taxes on the wealthy. obama wants to eliminate deductions and close loopholes plus cut spending for entitlement programs. the president has said there can't be tax cuts for the rich at the expense of the domestic program which is frustrating for some republicans
with that they propose is a counter over for the fiscal cliff. the republican plan has will00 billion for tax freerm 900 billion in mandatory spending cuts and 300 billion in discretionary cuts. the proposal falls short of what the president wants and cannot be taken seriously. >>> we understand they don't agree with everything the president has put on the table but we haven't seen alternatives for that. they have spoken about an avenue and that challenge is welcome. republican leaders...
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. >>> lawmakers are getting an earful about why they need to avoid the so-called fiscal cliff. >> you have to nail this down. uncertainty is killing us. >> reporter: top economists talked about the impact of tax increases and government spending cuts on the middle class. >> a couple thousand dollars, means a couple months rent for this family. >> reporter: the white house has made clear the country could go over the cliff, if republicans refused to raise taxes on the top 2% of american earners. >> for them to be burdened, unnecessarily, because democrats and republicans aren't coming together to solve this problem, gives you a sense of the costs involved in very personal terms. >> reporter: republican leaders say they will close loopholes loopholes and eliminate tax breaks to raise money. but insist that bush-era tax cuts must be extended for all americans. >> reporter: the standoff and the country's skyrocketing debt, concerns ryan shenecki. so much so that he's the guy in the suit, dancing gangnam style with former senator allen simpson. >> i'm keeping up on this baby. >> reporter:
. >>> lawmakers are getting an earful about why they need to avoid the so-called fiscal cliff. >> you have to nail this down. uncertainty is killing us. >> reporter: top economists talked about the impact of tax increases and government spending cuts on the middle class. >> a couple thousand dollars, means a couple months rent for this family. >> reporter: the white house has made clear the country could go over the cliff, if republicans refused to raise taxes...